If you are interested in debt elimination, here is a look at how you can make repayment of your college loans much easier by consolidating.

Loan Consolidation - What is It?

First, you may be wondering what it means to consolidate federal student loans. Consolidation basically means that you take all the student loans and combine them into one loan. Student debt consolidation allows you to only have one payment and can bring with it other excellent benefits as well.

What Loans are Eligible

When you are ready to consolidate student loans, it is important to know what loans are eligible. Usually only the federal loans that you have will be eligible for a federal consolidation loan.

Just a few of the different loans that you can consolidate in this way include:

Federal Plus Loan

Direct Plus Loan

Direct Subsidized Loan

Unsubsidized Loans

Federal Stafford Loan

Federal Insured Student Loan

Federal Perkins Loan and more.

Where to Get a Consolidation Loan

There are a variety of places you can look if you want to consolidate federal loans. Usually any credit union or bank that is involved in the Federal Family Education Loan Program can provide you with one of these loans.

Another option is to go directly through the U.S. Department of Education. Although conditions and terms are usually close to the same, it's a good idea to check around to find the best deal. You may even want to check with your current lenders to see if they can offer you student debt consolidation loans.

The Benefits of Consolidation

You'll find that there are a variety of benefits you can enjoy when you choose to consolidate student loans. First, you'll lock in a fixed interest rate, and usually this is lower than the rates you had on the individual loans, which can save you a lot of money on interest rates over the term of your loan.

In most cases, you'll benefit from a lower payment each month as well, which can be extremely helpful. You'll only have one bill instead of several to deal with each month as well, another great benefit.

Last, you'll find that paying on the loan becomes a lot easier for you. It is easier financially and it's easier because you have less paperwork and hassle to deal with too.

If you are tired of all those monthly payments to student loan lenders, it may be time to consider consolidation to help with debt elimination. Even if you don't have quite as much debt as the average student loan debt, you still should consider this option if you have more than $7500 in loans from different lenders.

Consolidate federal student loans and enjoy the benefits of lower payments, lower interest, and an easier time managing your finances.